Multiple risk management failings, resulting in high profile fines and exposing the ineptitude of boards in understanding the complex risks, coupled with poor internal controls and assessment findings, have painted a grim picture of risk management in 2013. The Financial Stability Board’s (FSB) recent Thematic Review of Risk Governance further corroborates this picture.  The report


EMIR: back on schedule?

A tense week of stand-offs between ECON and the European Parliament over sending parts of EMIR back to the drawing board has ended. The big news? EMIR timelines look to be back on track. The potential delays looked to be a blessing for the industry, granting a second chance to gain clarity over non-financial counterparties. Now


HFT: Time to talk about how?

It’s 2013 and we’re still talking about regulating HFT in the absence of data quality and standards conversations. That needs to change. 2012 seemed like the year of regulators taking a prolonged look at computer trading – defining what it might be, its potential effects, why it may be problematic. It is still far from clear that


Will the FSB succeed in attempting to bring non-bank credit intermediaries out of the shadows? Now that regulators have this mass of data, what is the next step in linking it and putting it to use? In 2013, global regulators are finally taking a good look at connecting the data dots. The FSB has especially


Shadow banking: it all starts with data

In November 2012, the FSB published its proposals for regulating the shadow banking sector – and in particular the repos/securities lending market – in two consultation papers, collectively titled: ‘Policy Framework for Strengthening Oversight and Regulation of Shadow Banking Entities’. These papers are fundamental in setting the tone for the global shadow banking regime, including


After months of being in the works, the Regulatory Oversight Committee (ROC) for the global FSB has come into being. The ROC is responsible for “upholding the governance principles of and to oversee the global LEI system … in accordance with the High Level Principles and recommendations set out in June 2012” by the FSB. In


In May, the CFTC’s Bart Chilton characterised regulatory cost benefit analyses a “sword of Damocles” calling out for more qualitative data. Since then, multiple no-action letters and a court case against the SEC have shown that there are deep-seated issues with CBAs that regulators are having trouble keeping below the surface. For the SEC and


Out of the shadows, into the rulebooks?

Shadow banking could soon force infrastructure upgrades and additional business costs– will the industry find ways to ease the pain? As repos, securities and, potentially, CCPs become part of the transparency agenda via new shadow banking regulation, this could result in infrastructure upgrades and increased business costs looking set to be on their way in


New, prescriptive EU clearing obligation rules will require new counterparty classification and monitoring systems. Is this a standard data hub opportunity? With EMIR having entered into force on 16 August 2012, and the release of final draft technical standards by ESMA in September, firms will soon be facing rules on clearing obligations and eligible counterparty


2013: A very new year

Five years after the crisis started, real change is finally in store. Who is on the naughty and nice lists? In 2012, the industry saw a flurry of financial sector reforms. With over 140,000 pages of regulation produced over the past twenty four months, an ambitious but often discordant global regulatory framework has developed, leaving